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Agreement for sale of government property at Citibank Tower executed

     The Government Property Agency announced today (May 30) the execution of the agreement for the sale of the Financial Secretary Incorporated (FSI) property, consisting of a portion of the 3rd floor and the whole of the 4th, 5th and 6th floors of Citibank Tower, No. 3 Garden Road, Hong Kong (the Property).

     The Property, originally used by the Legislative Council Secretariat as its office, has a gross floor area of about 6,161 square metres. Its sale will help to release Grade A office space in Central for commercial use. This is consistent with the government's policy to increase the supply of commercial space in the market for the development of different economic activities.

     Under the Agreement for Sale and Purchase dated March 21,1996 executed for the Property, Shine Hill Development Limited (the ex-vendor) has the first right to purchase the Property if FSI intends to dispose of the Property. On May 16, 2013, Shine Hill Development Limited accepted an offer made by FSI to purchase the Property at a consideration of HK$2,155,302,000.00. Pursuant to the terms and conditions of the offer, the Agreement for Sale and Purchase of the Property between FSI and Shine Hill Development Limited was executed today.

Ends/Thursday, May 30, 2013
Issued at HKT 17:01


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